Real Estate Market To Stay Strong In 2010

January 7, 2010

According to the newest Royal LePage Market Survey Forecast and House Price Survey, Canada's residential real estate market should stay strong during first six months of 2010. That is thanks to the improved economic conditions in the country and the stimulus in the form of low interest rates.

The fourth quarter averages in 2009 exceeded the fourth quarter averages in 2008. The average price of detached bungalows increased by 6 percent to $315,055, the price of a standard condo rose by 6.4 percent to $205,756 and the price of a two-storey house increased by 5.2 percent to $353,026.

Regions with the most noticeable declines during the recession are now showing biggest increases. Toronto belongs to such regions and it saw quite significant price increases in all types of houses surveyed. Especially higher prices units were popular here in late 2009.

In 2010, rises in average home prices are predicted to continue. They should moderate in the second half of the year, when the market should get back into balance. Overall, it seems like the market will soon be just as healthy as it was before the recession. All the recent positive news and results are pointing towards that. Great, isn't it?